Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.094 (vs NT$0.12 in 1Q 2025) First quarter 2026 results: EPS: NT$0.094 (down from NT$0.12 in 1Q 2025). Revenue: NT$863.3m (down 1.2% from 1Q 2025). Net income: NT$19.1m (down 17% from 1Q 2025). Profit margin: 2.2% (down from 2.6% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Declared Dividend • May 09
Dividend reduced to NT$0.50 Dividend of NT$0.50 is 29% lower than last year. Ex-date: 3rd June 2026 Payment date: 30th June 2026 Dividend yield will be 0.8%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (331% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 267% to bring the payout ratio under control, which is more than the 5.1% EPS growth achieved over the last 5 years. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$0.27 (vs NT$0.61 in FY 2024) Full year 2025 results: EPS: NT$0.27 (down from NT$0.61 in FY 2024). Revenue: NT$3.39b (up 9.1% from FY 2024). Net income: NT$52.9m (down 54% from FY 2024). Profit margin: 1.6% (down from 3.7% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Duyuru • Feb 06
Sysgration Ltd. announced that it expects to receive TWD 1.375 billion in funding from Pegatron Corporation and other investors, Sysgration Ltd announced a private placement to issue 25,000,000 common shares at an issue price of TWD 55 for the proceeds of TWD 1,375,000,000 on February 5, 2026. Transaction involves participation of Pegatron Corporation for 22,000,000 shares and other investor. Transaction is approved by board of directors and is expected to close by February 12, 2026. Duyuru • Jan 15
Sysgration Ltd., Annual General Meeting, Apr 28, 2026 Sysgration Ltd., Annual General Meeting, Apr 28, 2026. Location: 6 floor no,1, t`i ting ta tao, neihu district, taipei city Taiwan Reported Earnings • Nov 13
Third quarter 2025 earnings released: NT$0.10 loss per share (vs NT$0.20 loss in 3Q 2024) Third quarter 2025 results: NT$0.10 loss per share (improved from NT$0.20 loss in 3Q 2024). Revenue: NT$815.1m (up 17% from 3Q 2024). Net loss: NT$19.9m (loss narrowed 48% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. New Risk • Sep 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). New Risk • Aug 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (0.7% net profit margin). Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.02 (vs NT$0.28 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.02 (down from NT$0.28 in 2Q 2024). Revenue: NT$832.7m (up 11% from 2Q 2024). Net income: NT$4.17m (down 92% from 2Q 2024). Profit margin: 0.5% (down from 7.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • May 28
Upcoming dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 04 June 2025. Payment date: 27 June 2025. Payout ratio is on the higher end at 92% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.4%). Declared Dividend • May 09
Dividend of NT$0.70 announced Shareholders will receive a dividend of NT$0.70. Ex-date: 4th June 2025 Payment date: 27th June 2025 Dividend yield will be 1.9%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to grow by 2.1% to bring the payout ratio under control, which is less than the 45% EPS growth achieved over the last 5 years. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$0.12 (vs NT$0.35 in 1Q 2024) First quarter 2025 results: EPS: NT$0.12 (down from NT$0.35 in 1Q 2024). Revenue: NT$873.4m (down 2.8% from 1Q 2024). Net income: NT$22.9m (down 66% from 1Q 2024). Profit margin: 2.6% (down from 7.5% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Duyuru • May 01
Sysgration Ltd. to Report Q1, 2025 Results on May 07, 2025 Sysgration Ltd. announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$32.20, the stock trades at a trailing P/E ratio of 53.1x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 24% over the past three years. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Paying a dividend despite having no free cash flows. High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (3.7% net profit margin). Duyuru • Feb 19
Sysgration Ltd. to Report Fiscal Year 2024 Results on Feb 26, 2025 Sysgration Ltd. announced that they will report fiscal year 2024 results on Feb 26, 2025 Duyuru • Jan 10
Sysgration Ltd., Annual General Meeting, May 07, 2025 Sysgration Ltd., Annual General Meeting, May 07, 2025, at 09:00 Taipei Standard Time. Location: 6 floor no,1, t`i ting ta tao, neihu district, taipei city Taiwan New Risk • Nov 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (4.5% net profit margin). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). New Risk • Nov 18
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.5% Last year net profit margin: 8.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Paying a dividend despite having no free cash flows. High level of non-cash earnings (26% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (4.5% net profit margin). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$39.25, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total loss to shareholders of 3.6% over the past three years. Duyuru • Nov 05
Sysgration Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Sysgration Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 New Risk • Aug 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (4.3% increase in shares outstanding). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.28 (vs NT$0.36 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.28 (down from NT$0.36 in 2Q 2023). Revenue: NT$753.1m (up 2.3% from 2Q 2023). Net income: NT$53.6m (down 15% from 2Q 2023). Profit margin: 7.1% (down from 8.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$35.85, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 11% over the past three years. Duyuru • Aug 06
Sysgration Ltd. to Report Q2, 2024 Results on Aug 13, 2024 Sysgration Ltd. announced that they will report Q2, 2024 results on Aug 13, 2024 Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$42.00, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 21% over the past three years. Duyuru • May 16
Sysgration Ltd. Announces Cash Dividend, Payable on 5 July 2024 Sysgration Ltd. announced cash dividend of TWD 133,228,268 or TWD 0.7 per share. Ex-rights (Ex-dividend) date: 11 June 2024. Ex-rights (Ex-dividend) record date: 17 June 2024. Payment date of cash dividend distribution: 5 July 2024. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.35 (vs NT$0.45 in 1Q 2023) First quarter 2024 results: EPS: NT$0.35 (down from NT$0.45 in 1Q 2023). Revenue: NT$898.5m (up 1.4% from 1Q 2023). Net income: NT$67.3m (down 12% from 1Q 2023). Profit margin: 7.5% (down from 8.6% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • May 05
Sysgration Ltd. to Report Q1, 2024 Results on May 10, 2024 Sysgration Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 10, 2024 Duyuru • Jan 18
Sysgration Ltd., Annual General Meeting, May 06, 2024 Sysgration Ltd., Annual General Meeting, May 06, 2024. Location: 6F, No.1, Sec.1, Tiding Blvd., Neihu District , Taipei City, Taiwan R.O.C. Taiwan Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$0.30 (down from NT$0.69 in 3Q 2022). Revenue: NT$776.8m (down 13% from 3Q 2022). Net income: NT$53.9m (down 50% from 3Q 2022). Profit margin: 6.9% (down from 12% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 9.1%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Duyuru • Nov 09
Sysgration Ltd. Approves the Appointment Hsieh, Chen-Chen as Chief Information Officer Sysgration Ltd. approved appointment of Hsieh, Chen-Chen as Chief Information Officer of the company, effective from November 8, 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: NT$0.36 (down from NT$0.56 in 2Q 2022). Revenue: NT$736.1m (down 12% from 2Q 2022). Net income: NT$63.1m (down 27% from 2Q 2022). Profit margin: 8.6% (down from 10% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 31%. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Duyuru • Aug 09
Sysgration Ltd. Appoints Members of the First Risk Management Committee Sysgration Ltd. appointed members of the first risk management committee. Name of the new position holder: Lin, Kuan- Chao, Wei, Che- Chen, Hsieh, Tung-Fu. Resume of the new position holder: Lin, Kuan- Chao Independent director of Sysgration Ltd. Wei, Che- Chen Independent director of Sysgration Ltd. Hsieh, Tung-Fu Directors of Sysgration Ltd. Effective date of the new member: August 8, 2023. Reported Earnings • Mar 14
Full year 2022 earnings released: EPS: NT$2.14 (vs NT$0.62 in FY 2021) Full year 2022 results: EPS: NT$2.14 (up from NT$0.62 in FY 2021). Revenue: NT$3.40b (up 39% from FY 2021). Net income: NT$338.5m (up 255% from FY 2021). Profit margin: 9.9% (up from 3.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 10
Sysgration Ltd., Annual General Meeting, Apr 27, 2023 Sysgration Ltd., Annual General Meeting, Apr 27, 2023. Location: 6F, No.1, Sec.1, Tiding Blvd., Neihu District Taipei City, Taiwan R.O.C. Taipei Taiwan Agenda: To consider 2022 business report; to consider 2022 status report of endorsements/guarantees for others; to consider 2022 status report of fund-lending to others; to consider 2022 status report of financial derivative product transaction; to consider 2022 report on remunerations of directors; to consider report on execution of private placement; to consider amendment of articles of incorporation; to consider election of directors; and to consider other matters. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Ju-Hsiang He was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.69 (vs NT$0.22 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.69 (up from NT$0.22 in 3Q 2021). Revenue: NT$889.8m (up 31% from 3Q 2021). Net income: NT$107.5m (up 217% from 3Q 2021). Profit margin: 12% (up from 5.0% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 86% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$0.55 (vs NT$0.043 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.55 (up from NT$0.043 in 2Q 2021). Revenue: NT$834.9m (up 41% from 2Q 2021). Net income: NT$85.8m (up NT$79.1m from 2Q 2021). Profit margin: 10% (up from 1.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 84% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 16% share price gain to NT$47.15, the stock trades at a trailing P/E ratio of 46.1x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 639% over the past three years. Duyuru • May 12
Sysgration Ltd. Appoints Lee, Yi-Ren as Chief Strategy Officer Sysgration Ltd. appointed Lee, Yi-Ren (Chairman of the Company) as Chief Strategy Officer. Effective date is May 10, 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Ju-Hsiang He was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$0.62 (up from NT$0.65 loss in FY 2020). Revenue: NT$2.45b (up 85% from FY 2020). Net income: NT$95.3m (up NT$193.7m from FY 2020). Profit margin: 3.9% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.22 (vs NT$0.045 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$678.5m (up 86% from 3Q 2020). Net income: NT$33.8m (up NT$40.6m from 3Q 2020). Profit margin: 5.0% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.04 (vs NT$0.24 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$590.5m (up 119% from 2Q 2020). Net income: NT$6.68m (up NT$43.1m from 2Q 2020). Profit margin: 1.1% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$0.06 (vs NT$0.26 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$490.5m (up 72% from 1Q 2020). Net income: NT$9.72m (up NT$49.4m from 1Q 2020). Profit margin: 2.0% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 23
Full year 2020 earnings released: NT$0.64 loss per share (vs NT$1.88 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: NT$1.33b (up 27% from FY 2019). Net loss: NT$98.3m (loss narrowed 66% from FY 2019). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Mar 10
Sysgration Ltd. Announces the Resignation of Benson Hsiao as CEO Sysgration Ltd. announced the resignation of Benson Hsiao as CEO, effective from March 3, 2021. Is New 90 Day High Low • Jan 20
New 90-day low: NT$34.05 The company is down 8.0% from its price of NT$37.00 on 23 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 25% over the same period. Duyuru • Jan 15
Sysgration Ltd., Annual General Meeting, May 28, 2021 Sysgration Ltd., Annual General Meeting, May 28, 2021. Location: 5F, No.1, Sec.1, Tiding Blvd.,Neihu District Taipei City Taiwan Agenda: To consider 2020 business report; To consider audit committee’s review report on the 2020 financial statements; To consider report on implementation of 2020 business improvement plan; To consider status report of endorsements/guarantees for others; To consider status report of fund-lending to others; To consider status report of financial derivative product transaction; To consider status report of private placement; To consider status report of domestic secured convertible bond issuance; and To consider other matters. Is New 90 Day High Low • Nov 03
New 90-day high: NT$41.00 The company is up 11% from its price of NT$37.00 on 05 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 6.0% over the same period.